Today I’d like to ask you the question, “Are you in a place where common sense is being pushed aside and emotions are driving too many of your financial decisions?”
Are you in a place where you know some of your financial choices are not in your best interest but you can’t stop yourself from making them anyway?
Would you find it really hard to walk past a particular store, maybe a hardware store or a shoe shop (or whatever it is that presses your buttons), without having to go back for a browse with the likely outcome that you will walk out laden with goodies you know you will regret purchasing a month from now?
Is there any logic to what is happening with your money or do you just feel like you have no control?
If so, you are not alone!
One of the best ways I can think of to take back control is to choose what you will do in a certain situation before that situation arises. You don’t want to be making unconscious bad choices!
I’ll give you an example.
Working from home I have a habit of walking to the fridge and opening the door to look for a snack. I’d rarely think “I’ll go to the fridge and look for a snack”, I’d just find myself standing there and something unhealthy would jump into my mouth while I wasn’t looking.
Realising this was not going to serve me well over time I made the decision that I would start sabotaging that activity. I made the decision that when I opened the fridge door ‘unconsciously’ I would consciously select a carrot from the crisper and eat that instead of chocolate.
I could still consciously choose to have a piece of chocolate but if I just walked up to the fridge with no particular intent, I would be walking away eating a carrot.
Now my skin is turning bright orange I’ve eaten so many carrots (I just finished one now)!!
I knew that if I tried to use self discipline to stop eating too much chocolate I would fail and I would hate trying, so I didn’t go down that path.
This is really important. If you think you are going to use Self Disciple to fix problems like your lack of financial progress for example, you have no chance, so give that thought a miss and try using a pre-determined conscious action instead. You can still have a measured amount of what you really want but it must be planned, not at random and out of control!
Next time you find yourself in that shop, take out your note book or your phone and instead of loading up a trolley, take photo’s of or make a list of the things you really want and write down the prices, colours, details etc and promise yourself you can have some of these things, just not today, and make sure you DO get some of them.
In your spending plan you should have an allowance each pay, no matter how small it might be, that allows you to save up and purchase some of what you want and you should go and make those purchases, otherwise you will stop believing and trusting in yourself and you’ll go back to the uncontrolled behaviour.
Nobody can have everything they want and you’re no different, so prioritize the things you really want and plan your shopping trips.
You might even try this technique with people. Decide what you will say or do prior to a situation arising so you don’t say or do something you will regret later on because something just blurted out of your mouth before you had time to think!
Try it and let me know how it goes for you!
If you are interested in learning more about success with money and getting hands-on training, I am running a workshop in Melbourne on Sunday the 17th of May, again in Sydney on the 31st of May and in Brisbane on the 18th of July. It’s called the ‘Succeed With Money’ workshop and I will be covering a raft of strategies to allow you to take control of and be successful with money.
You will never regret taking control of your finances. There is more info about these events at https://www.simplybudgets.com.au/financial-education/succeed-with-money-2/ .
There is no logical reason why you would continue to live your life NOT growing and learning how to be and do better. There are only emotional reasons and they are driven by fear. Fear that you will have to give up something, or lose something or stop doing something you are clinging on to because of a perceived NEED. Changing is always scary, but if you are not happy with where you are and you want something better, then change is essential. You can not get better without getting scary!
I’ll leave you to ponder those thoughts!
Have a great week!
Phone 07 544 277 52
P.S. The Reserve Bank dropped interest rates by 1/4% to a cash rate of 2.0% at their meeting today. That may be good news for you, or it may be bad news, depending on whether you are an investor or a borrower!